While the largest advertisers on Facebook have the most impact, you can still drive results from Facebook ads, even when you are on a budget. But, how can we accomplish that?
That is ok if your budget is small, however, you should not expect to get the same results as advertisers with big budgets. Then it will not work.
We need to discuss where you should focus when you have a small budget. The amount of money I am talking about is really modest. Just under $50 per day, or just under $1,000 per month.
Let us depart.
1. It is important to focus on the low hanging fruit.
One of the most difficult challenges for businesses with low budgets is to generate sales. Large budgets can force a large amount of money through the system, to optimize cold audiences for sales. This is unrealistic for smaller budgets.
Why? You generally need to get 25-50 conversions per week to exit the learning phase and get optimal results. If you’re selling a $100 product, you might be able to accomplish that, but only if all of your budget is on a single campaign.
Those that are low hanging fruits are the ones which people are most likely to purchase. I will give you an example.
People who have previously purchased anything from you. If your product is sold on a schedule, this is especially true if it lasts 90 days and has to be refilled, you should not purchase it before it expires.
Isolate them. You should send reminders to this group through email. Follow them up with advertisements as well.
People who abandon their shopping carts on the internet. Go after people who planned to buy something but did not. That includes people who abandoned their shopping carts or simply visited a product page without purchasing something.
If you are able, give the people a discount or other benefit so that they can complete the process.
You only have a limited budget, but that’s good for this type of case. People who have purchased numerous times, and people who abandon carts, will have small audiences. Use Reach optimization to reach these people (or Landing Page Views or a conversions event further up the funnel if you get more volume).
Sometimes these groups of foods are called low hanging fruit, because it is where you will get the most value for your money.
2. Build your email lists.
Email is still driving both traffic and purchases. Obtaining an opt-in is much less expensive than getting a purchase. You’ll have plenty of time to convince them that they should purchase land.
Start building your funnel by adding ads to your email list.
Offer something valuable that will encourage your potential customer to give you their email address, because both their email address and their inbox are valuable. What you are willing to offer depends on what industry you are dealing with.
3. Create a list of people you can use for remarketing.
What you do in this situation depends on the creative strengths of your organization. What is your best content?
If you have talented writers who are able to answer the questions of your prospective customers, write articles for your articles and drive traffic to those articles with advertisements.
If you have a videographer, use that person to create entertaining and helpful videos. I suggest you use advertisements to drive engagement and awareness.
When you create something, you have the intention to make it worthwhile. It will be easier and less expensive to get people to that type of thing.
It is possible that the value of this content will not immediately be obvious. The people who consume your content send a signal that they are interested in what you are selling. You can use that target at a later time.
That means divising your spending budget.
These three areas can also be promoted inexpensively, if necessary. There are some low hanging fruit that you should prioritize. How much money you spend there will depend on the size of the audiences that you are targeting. If the land is not large enough, you can build it from the other two approaches.
If you have a small budget, you should prioritize these approaches, but in this order. It’s amazing how capable you are to make an impact.
It is now your turn.
How can you become successful with Facebook ads while managing a tight budget?
Comment below what you think.